Oracle CEO Larry Ellison has stepped down as company CEO, and will appoint Mark Hurd and Safra Catz to lead the company moving ahead. Both Hurd and Catz are co-presidents of the company that Hurd founded in 1977 - Hurd will operate marketing, sales and strategy, with Catz serving as financial officer.

"The three of us have been working well together for the last several years, and we plan to continue working together for the foreseeable future," Ellison recently noted. "Keeping this management team in place has always been a top priority of mine."

Oracle remains one of the largest and most powerful tech companies today, but some analysts wondered how much longer Hurd would be able to lead. Oracle's dominance has been tested by cloud-based solutions that the company has struggled to keep up with - and now it will be up to new executives to make a difference.